GBP/USD Outlook (31st January 2019)

• GBP/USD broke key level
  
• U.S. Interest Rates
  

Price Movement
Since yesterday, GBP/USD moved down for around 40pips before moving up for around 100pips.

Trend
GBP/USD is currently trending upwards.

Macro Background
This morning (0300 SGT), the Federal Reserve kept the Federal Funds Rate unchanged as expected and the market reacted to the FOMC statement and Press Conference negatively, resulting in GBP/USD moving up.

Important Issue
None.

Technical
Yesterday, GBP/USD tested and rejected the 1.31 level and broke that level after the release of the Federal Funds Rate.
Currently, GBP/USD is heading towards the resistance level of 1.31658.

Price Levels
Current Price: 1.31255
Next Resistance: 1.31658
Next Support: 1.30000